Statistics and consulting:
Statistics are an important part of our day to day lives. They are an integral part of our lives, but still we do not realize their importance. Many predictions today can only be made if statistical data is present. Statistics has two main branches: A) Descriptive Statistics and B) Inferential Statistics.
1) Inferential Statistics: This means the use of statistics to make some inferences or prediction about the hidden, obscure aspects of population. It means making inferences or predictions about a random process by observing the population over a period of time.
Example of Inferential statistics: Statistical assumptions like who will win the elections in a country by statistically consulting the data, and analyzing the populations attitude towards all the contesting parties over a period of time.
2)Descriptive Statistics : Means describing the various features of data, collected by some experimental studies in different ways. It provide the summaries of the sample and the measures collected in the data.
Example of Descriptive statistics: Which Cricketer has the best batting average in the world. This is calculated by collecting data, which consists of all the runs scored and all the matches played by the batsmen. Here statistical consulting of the data is not required.
Statistical Consulting is an Operation, or functions which are performed with the help of statistics. It means, using statistics to make assumptions, predictions, inferences and taking decisions to find solutions to work and business related problems, which should help in the progress of the respective business. Statistical consulting means making inferences using statistics. It is different from Statistic Consulting, in which we make inferences on Statistics.
Today, statistics, on any topic, in any field, regardless of the subject, can be found easily. The biggest source where such statistics can be easily found is the internet.
Finding good statistics and then data, even on the net, is not easy. And, even when the data is available, it is necessary to understand where and how to use statistics and use help from it to make the appropriate decisions based on the collected and categorized information.
Statistics help, can be found from various places, and can be found in different forms. Where to find the raw Data is perhaps the most important decision to be made while making decisions based on statistics, as statistics may provide some valuable hints on the subject.
Once the data is obtained, it should be then organized and categorized in order, so as to yield maximum benefits from it. This can be done by various methods, by tabulating the data, or by making ordered presentations, or by sorting the data alphabetically.
A good sample of statistic will yield good results whereas poor sample will mean that the results will not be good, that is, we can not depend upon the results or predictions made using that sample. Hence good statistical samples leads to Good data collection on the topic which in turn leads to appropriate and correct decisions and solutions to business related problems.
Hence, statistics are an important part of life, and statistical consulting on those statistics is even more important so as to achieve success in any field, be it business, Politics, or just life.